Research Seminars

Cheap Talk Comparisons by a Clearly Biased Expert

Speaker: Archishman Chakraborty
Zicklin School of Business, Baruch College, City University of New York

24 October 2006 - From 14:30 to 16:00

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We consider cheap talk by a biased expert comparing multiple issues, e.g., discussion of different spending proposals by an industry lobbyist, evaluation of different stocks by a sell-side analyst, or analysis of different topics by a biased newspaper. When the expert's motives are sufficiently transparent, we find that cheap talk is credible and influential even when the expert strongly favors one issue over another, e.g., negative advertising against a rival by a political or marketing campaign. The transparency condition holds for state-independent preferences and for standard Euclidean preferences as the expert's bias toward a higher (or lower) action on each issue becomes arbitrarily large.

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